Please use symbol entry at top right of page to search

Rivian to cut headcount by 6%

July 27 (Reuters) - Electric-truck maker Rivian Automotive Inc (RIVN) said on Wednesday it was reducing headcount by 6% in order to optimize costs in a tightening macroeconomic environment.

Staff in the manufacturing operations team at Normal, Illinois, will not be affected, according to an email sent by Chief Executive R.J. Scaringe to employees.

Over the next 18 months, the company will focus on enhancing R1 and EDV (electric delivery van) and speed up the development and launch of R2 and future platforms.

The company, Scaringe wrote in the email, is financially well positioned, "but to fully realize our potential, our strategy must support our sustainable growth as we ramp towards profitability."

Rivian had over 10,000 employees globally, as of Dec. 31, 2021, according to the company's filing. The company had $16 billion in cash at the end of the first quarter.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Anil D'Silva and Krishna Chandra Eluri)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.